Creditor claims have climbed above £650,000 following the liquidation of the company that previously operated Plymouth estate agency Pilkington Estates.
Pilkington Estates Ltd entered creditors’ voluntary liquidation in August 2024. Two years later, creditors are still submitting new claims, according to the latest liquidators’ progress report.
The Pilkington Estates trading name continues under a separate company, South West Peninsula Real Estate Ltd (SWPRE). It acquired the former company’s business and assets following the liquidation.
The latest report from liquidators Brailey Hicks shows HMRC has submitted a claim for £393,311.
The liquidators currently estimate HMRC will receive 12.73p in the pound. On that basis, around £346,000 of its claim would remain unpaid.
The position for unsecured creditors appears more difficult.
Initial estimates put unsecured debts at £110,045. However, claims have now reached £265,463, and creditors continue to submit further proofs of debt.
The liquidators said: “At present it seems unlikely a dividend will be made available to unsecured creditors.”
The liquidators expect to realise around £109,000 from Pilkington Estates Ltd’s assets. However, they expect liquidation expenses to account for approximately £65,000.
Agency business sold for £60,000
Following the liquidation in 2024, SWPRE acquired the business and assets of Pilkington Estates Ltd for £60,000.
The deal included offices in Sutton Harbour and Stoke, 12 members of staff and a portfolio of almost 300 properties.
The £60,000 purchase price consisted of an initial £8,000 payment, £22,000 in deferred consideration and a further £30,000 payment.
However, the liquidators report that SWPRE subsequently fell into arrears.
The parties have since agreed a revised payment arrangement. The liquidators received £28,500 during the past year, with the remaining balance due in November.
SWPRE continues to trade using the Pilkington Estates name.
Director’s loan repayments fall behind
The liquidators are also seeking to recover money relating to an overdrawn director’s loan account.
At the time of liquidation, sole director Jon Pilkington’s loan account showed an overdrawn balance of more than £300,000.
The liquidators subsequently accepted a £50,000 settlement, payable over two years.
By the end of August, they had received £12,499. However, the latest report states that Pilkington had fallen three months behind with the agreed repayments.
The parties have now agreed a revised payment plan. Pilkington is due to restart repayments in December and continue them until May 2028.
The liquidators say any distributions to HMRC and the Redundancy Payments Service will depend on recovering the outstanding sums. They must also collect money still due from the sale of the business.
They estimate the liquidation could take another two to three years to conclude.
Pilkington Estates Ltd entered liquidation following a creditors’ meeting in August 2024.
At the time, Pilkington said the former business had suffered during and after the Covid pandemic. He cited disrupted viewings, collapsed transactions, lengthy completion times and rising costs as factors affecting its finances.
